Chicago | Reuters — Chicago Board of Trade corn and wheat futures firmed on Thursday, with traders unwinding bearish bets ahead of a key U.S. government report on supply and demand on Friday.
The soybean market was mixed, with thinly traded old-crop contracts easing and new-crop contracts firming as investors adjusted positions ahead of the report that traders were watching for the latest U.S. harvest estimates.
Traders also noted some bargain buying in soybeans and corn as those markets recovered from multi-week lows hit earlier this week after rain and mild temperatures boosted growing conditions in the U.S. Midwest.
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The U.S. Agriculture Department said early Thursday that export sales of soybeans totaled 1.503 million metric tonnes in the week ended Aug. 3. Analysts had predicted a weekly total between 300,000 and 1.8 million tonnes.
China, the top buyer of the oilseed, accounted for 767,800 tonnes, reflecting a recent string of deals.
“I think China is going to continue to be a consistent player here on the export side of it,” said Jason Britt, president of Missouri-based broker Central States Commodities. “There are good demand figures out there.”
CBOT November soybean futures settled up 9-3/4 cents at $13.18-1/4 a bushel.
CBOT December corn futures were two cents higher at $4.96-1/4 a bushel and CBOT September soft red winter wheat added 2-3/4 cents to $6.37-3/4 a bushel.
Corn export sales of 908,800 tonnes were in line with expectations of 275,000 to 1.2 million tonnes. Wheat export sales of 561,200 tonnes topped the high end of forecasts that ranged from 200,000 to 500,000 tonnes.
Ukraine announced a “humanitarian corridor” on Thursday to let cargo ships trapped in its ports sail into the Black Sea, suggesting a response to Russia’s recent withdrawal from a grain corridor agreement.
— Reporting for Reuters by Mark Weinraub in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore.
